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Gen Re’s Primary Insurance Management Exercise (PRIME) is a computer-assisted exercise to help groups better understand the decision-making processes involved in running an insurance company.
PRIME is an opportunity to experience all aspects of running an insurance company – and understand how each role factors into the overall success of the company.
Imagine you are a senior manager in a property/casualty insurance company faced with decisions that will determine your company’s financial success - or even its very existence. Participants are assigned to teams and are responsible for the management decisions of their insurance company. The simulation is competitive: each team competes against all other teams, just as competitors would in a marketplace. The winning team is the one that best manages its operations, the marketplace, and its financial position by working effectively as a group and leveraging the skills of each team member.
A typical PRIME event is played over one and a half days. In that time, participants will have experienced real-world examples what it’s like to run a company’s operations for the equivalent of four years.
Assignment
Each team begins the exercise with the same book of business.
Company
Books of business consist of personal and commercial lines, including Property and Auto.
Marketplace
Consists of stock and mutual companies, both large and small.
Strategy
Teams determine and implement a strategy for product mix, pricing, reinsurance and operations.
